2642 44th Street
San Diego, CA 92105
0.22 acres | #PTP2405613
Description
2642-48 44th St presents the opportunity to acquire a turnkey 9-unit multifamily asset located in the residential focused lower City Heights area of San Diego with an ideal unit mix. The micro location is walking distance to Hamilton Elementary school and just off the beaten bath of the City Center primary thoroughfares providing for a family oriented neighborhood pocket. The 9,391 sqft lot is comprised of three separate buildings: a 6 unit apartment building consisting of (4) 1 bedroom units and (2) 2 bedroom units, a duplex with (2) 2 bedroom/1 bath units with small rear yards, and a detached 2 bedroom/1 bath house. The asset includes 11-12 on-site parking spaces, along with ample street parking. This property offers strong in-place financial metrics with $206,880 in gross annual income yielding a 5.81% cap rate with additional room for growth. An investor looking to maximize returns might consider renovating the units, which could achieve a pro forma cap rate of 7.05%, excluding renovation costs. The detached house could receive a fully fenced yard and private driveway to maximize rental income.
Property Details
- Lot DescriptionTwentyOneToTwentyFiveUnitsAcre
- Property SubtypeResidentialIncome
- Property TypeMulti-Family
- Sewer InformationPublicSewer
- Original List Price$2,475,000
- MLS #PTP2405613
- MLS #PTP2405613
- CountySan Diego
- Cost2400000
- Acres0.2156
- Year Built1984
- Stories2
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Maxwell Brown (#818479)
Listing Office: Commercial Asset Advisors (#87970)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
